Posts Taged medical

Long Term Care Premiums

Thinking of getting a Long Term Care policy? There is a limit to the amount that can be deducted on your tax return. For Federal return purposes the limit is based on age and ranges from $410 to $5,110 per person for 2017. This amount gets added to the rest of your Qualified Medical Costs […]

Continue Reading

Mileage Logs

When compiling your tax documents remember that…….yes….the IRS wants you to keep track of the mileage for business, rental, etc use. Here’s what they want (in written form) for your records.  If you get audited they may ask to see it. Which vehicle and for each Date: the address and mileage from place to place […]

Continue Reading

Open Enrollment for Healthcare

Enrollment for healthcare for the 2018 year is between November 1 and December 15, 2017.  Go to HealthCare.gov to enroll or to specify if you want to Keep or Change your plan if you are already enrolled. You may be eligible for a Premium Tax Credit which means you don’t have to pay your entire […]

Continue Reading

Vets fee deductible? Ummm….no…sorry

Well, a few days ago I gave you a list of common, and sometimes, not so common, Qualified Medical Expenses that you may be able to deduct on Schedule A of your Form 1040. Thought you might like a list of some NONDEDUCTIBLE items. Enjoy!  Or, I guess, sorry Child care for a healthy baby/child […]

Continue Reading

Break a leg, fix a tooth! It’s deductible!! Well-maybe…..

So, you have probably heard that you need quite a bit of medical expenses to have a deduction.  Well…that’s true. But they do add up so keep track. You can deduct medical, dental and optical expenses that are considered Qualified Expenses if you are ITEMIZING your deductions rather than taking the standard deduction AND IF […]

Continue Reading

Gas prices are down!

Well, we humans aren’t the only ones that has noticed that gas prices have gone down. According to WKYC.com, average Ohio gas prices have fluctuated quite a bit over the last 72 months, ranging from $4.15 to $1.82 per gallon, with this being a very good time for buying gas.  The IRS has noticed too of course. […]

Continue Reading

Health Insurance-Better have it or else

Heard of Obamacare?  How about the penalty for not having Health Insurance all year?  Well, this year that penalty went up. It’s the greater of $325 per adult ($162.50 per child) or 2% of the household income that is over the tax filing requirement.  Maximum of $975 per family……YOWZA!!!!!     You can check out HealthCare.gov for […]

Continue Reading